UPDATE: Goldman Sachs Upgrades Autodesk to CL-Buy on Macro Turnaround
Goldman Sachs upgraded Autodesk (NASDAQ: ADSK) from Sell to Conviction Buy and raised the price target from $25.00 to $45.00.
Goldman Sachs commented, "We think improved execution coupled with an inflecting nonresidential construction end-market can drive the shares higher. In ADSK's FY14 we see a tailwind from an accelerating US non-residential construction cycle, highlighted by the GS Industrials team, and a recovery in the China construction market. … We see the potential for Suite revenue to reaccelerate in FY14 with better adoption due to improved end market/macro trends. Also, we think ADSK has largely worked through execution issues that weighed on F2Q/ F3Q13 results."
Autodesk closed at $37.60 on Thursday.
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